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Sanctions regulator forces banks to tighten up compliance (subscription required)
“For banks, £5,000 is a drop in the ocean,” according to Rebecca Niblock, a partner at Kingsley Napley LLP.
“You receive some reputational damage for having breached it, but you would hope that that would be mitigated by the fact that you have located the breach, taken the appropriate steps to deal with it and come clean with the regulators."
"It’s obviously a lot easier for the OFSI to go down the civil rather than the criminal route, and a lot less expensive, and where they can I’m sure they will be going down this path,” Niblock said, adding that bigger banks could be exposed to larger fines for more serious breaches."
“Whether they come out of the woodwork is another question, because at that stage the reputational risk is something they would have to consider."
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